Although annual shareholder letters typically reflect the year that just ended, it’s really impossible not to think of these last three years as one continuous challenge. The fact is that Progressive employees love a good challenge and we have had to deal with a prodigious number of headwinds over these past several years. The way that we have all come together and the perseverance that we have demonstrated during these times, is just one of the many reasons why I chose Unity as the theme for this year’s annual report. Together, we muscled through a pandemic that never seems to end, adjusted our underwriting actions to react to a year of severity trends like nothing we have experienced in at least the last 40 years, and, lastly, pivoted our focus to take the many actions necessary to achieve our objectives in what appeared to be an ever-changing landscape. Did I mention the largest hurricane in our history? In the end, I’ll put it in the same ineloquent words that I used with my team, “We did it!” It wasn’t easy and it was often painful, but we ended the year within our target margin with a 95.8 combined ratio (CR) and grew net premiums written (NPW) and policies in force by 10% and 3%, respectively. Proud doesn’t even begin to describe how I feel about the unified efforts of literally every single Progressive person.

尽管年度股东信通常反映的是刚刚过去的一年，但我们确实无法不将过去三年视为一个持续不断的挑战。事实上，Progressive 的员工热爱挑战，而过去几年我们不得不面对大量的阻力。在这段时期，我们所有人团结一致、展现出的毅力，正是我选择“团结”作为今年年度报告主题的众多原因之一。我们共同挺过了一场似乎永无止境的疫情，调整了承保措施，以应对过去至少 40 年来前所未有的严重趋势，最后，我们迅速转变关注点，采取了许多必要行动，以在看似不断变化的环境中实现目标。我有没有提到我们历史上最大的飓风？ 最后，我想用和团队交流时一样朴实的话来总结：“我们做到了！” 这并不容易，过程常常充满艰辛，但我们最终实现了年度目标利润率，综合比率（CR）达到 95.8，同时净承保保费（NPW）和有效保单数分别增长了 10%和 3%。我对每一位 Progressive 员工齐心协力所付出的努力感到无比自豪。

After navigating all the chicanes in the road, we had a lot to celebrate. I often say that our people and our culture are our greatest competitive advantage and during times such as these, that is truer than ever. This year we’ve put that into focus by celebrating “2022: The Year of You” with our employees in honor of our 85th anniversary. This thread has run through several of our employee engagement efforts, and two in particular stand out.

在经历了道路上的所有曲折之后，我们有很多值得庆祝的事情。我经常说，我们的员工和文化是我们最大的竞争优势，而在这样的时期，这一点比以往任何时候都更加真实。今年，我们通过与员工共同庆祝“2022：属于你的一年”，纪念公司成立 85 周年，突出了这一点。这一主线贯穿了我们多项员工参与活动，其中有两项尤其突出。

First, I set out to host 85 employees for small group lunches to celebrate Progressive’s anniversary. The interest from our people was above and beyond what I expected. In response, I doubled the number and ultimately broke bread with about 170 employees—either virtually or in my office. With a hybrid workforce, this was a truly amazing way to spend time with more of our people and to have the opportunity to get to know them on a more personal level. For me, hearing directly from employees and getting feedback and the ground truth is one of my most important roles as a leader.

首先，我计划为 85 名员工举办小型团体午餐，以庆祝 Progressive 的周年纪念。员工们表现出的兴趣远远超出了我的预期。因此，我将人数增加了一倍，最终与大约 170 名员工共进了午餐——通过线上或在我的办公室进行。在混合办公模式下，这种方式让我能够与更多员工共度美好时光，并有机会更深入地了解他们。对我而言，直接倾听员工的声音，获得反馈和真实情况，是我作为领导者最重要的职责之一。

I thought that I would bring some of the sentiments to life by sharing a few quotes. As Jordan put it, “Sometimes you need an in-person event like this to re-energize you with the culture and the people of Progressive.”

我想通过分享一些引言来表达这些感受。正如乔丹所说：“有时候，你需要这样一场面对面的活动，让你重新感受到 Progressive 的文化和人们带来的活力。”

I received a heartfelt thank you note from Carrie that truly made my day. She said, “Thank you so much for a lovely lunch and great conversation. I am appreciative of the opportunity to hear from everyone about what they enjoy about Progressive, our culture and how we are adapting in our new normal. Thank you for bringing us together, sharing your time and most importantly demonstrating how to lead with empathy and strength.”

我收到了 Carrie 发来的衷心感谢信，让我感到非常开心。她说：“非常感谢你安排了如此愉快的午餐和精彩的交流。我很感激有机会听到每个人分享他们喜欢 Progressive 的哪些方面，我们的文化，以及我们如何适应新的常态。感谢你将我们聚集在一起，感谢你付出的时间，更重要的是，感谢你向我们展示了如何以同理心和力量来领导。”

The second engagement effort was on a much larger scale. We introduced a companywide program designed to make 2022 about our people and what means the most to them. Through our “Big Wish” initiative, employees described—in just a few words—a special wish they had and how it would make a difference in their lives if this wish would come true. The response was incredible. We received more than 9,000 wishes! Although it was difficult, we chose entries from each business area and surprised hundreds of employees with everything from family vacations to American Sign Language lessons and everything in between.

第二次参与活动的规模要大得多。我们推出了一项面向全公司的计划，旨在让 2022 年聚焦于我们的员工及他们最在意的事情。通过我们的“大愿望”倡议，员工们用简短的文字描述了他们的特别愿望，以及如果愿望实现将如何改变他们的生活。反响非常热烈，我们收到了超过 9,000 个愿望！尽管选择过程很困难，我们还是从每个业务领域中挑选了一些愿望，并为数百名员工带来了惊喜，包括家庭度假、美国手语课程等各种各样的愿望。

I, along with my executive team and other senior leaders, had the privilege to distribute many of these Big Wishes. I took part in surprising a mother-daughter duo—Pat and Adriane—both of whom are proud Progressive employees, with their Big Wish. We invited Pat to join Adriane for a tour of our art collection and surprised her with the news that Adriane had won a special trip for the two of them. All three of us were shaking with excitement after the big reveal, and their reaction was so touching that I asked their permission to share it here:

我与我的执行团队及其他高级领导有幸分发了许多这样的“大愿望”。我参与了给一对母女——Pat 和 Adriane，她们都是自豪的 Progressive 员工——送上惊喜“大愿望”的活动。我们邀请 Pat 与 Adriane 一起参观我们的艺术收藏，并惊喜地告诉她 Adriane 赢得了一次特别的双人旅行。在揭晓这一消息后，我们三人都激动得浑身发抖，她们的反应非常感人，因此我征得了她们的同意，在此与大家分享：

“I can’t even begin to express my gratitude! Mom and I are still in total shock. We have a tradition of getting a coffee and a cookie whenever we are together, so we sat there with our coffee and cookies just staring at each other while we tried to process what just happened and attempt to stop our limbs from shaking. This Big Gift means so much to me; without it I don’t know that I could have convinced my Mom to make the trip down to South Carolina. North Litchfield was my dad’s (really the whole family’s) happy place and he always dreamed of heading down at least one more time in his life. Although he didn’t make it there in life, he would be so happy that Mom got to experience it for the both of them. I am so lucky to work for a company that does things like this for its employees! Thank you a million times over.”

“我甚至无法表达我的感激之情！妈妈和我到现在还处于震惊之中。我们有个传统，每次在一起都会买杯咖啡和一块饼干，于是我们坐在那里，拿着咖啡和饼干，彼此凝视着，试图理解刚刚发生的一切，并努力让颤抖的四肢平静下来。这份大礼对我意义重大；如果没有它，我不知道能否说服妈妈前往南卡罗来纳州。北利奇菲尔德是我爸爸（实际上是我们全家）的快乐之地，他一直梦想着有生之年能再去一次。虽然他生前未能如愿，但如果知道妈妈替他们俩实现了这个愿望，他一定会非常高兴。我很幸运能在这样一家为员工做这些事情的公司工作！万分感谢！”

For me, their story, and hundreds more from our recipients, underscores that you never know what’s happening in someone’s life and a special gesture or act of kindness—big or small—can make a tremendous difference. Our employees routinely demonstrate kindness when helping our policyholders or claimants who are going through tough times. It’s been wonderful to share some of that empathy with our employees through this program.

对我而言，他们的故事以及我们众多受助者的经历都表明，你永远不知道别人的生活中正在发生什么，一次特别的举动或善意的行为，无论大小，都可能产生巨大的影响。我们的员工在帮助那些经历困难时期的投保人或索赔人时，经常表现出善意。通过这个项目与我们的员工分享这种同理心，是一件非常美好的事情。

While I am not one to prognosticate about the future, I am sanguine that 2023 will provide greater stability based on all of the actions we have taken over the last few years to position ourselves for growth and profitability.

虽然我并非喜欢预测未来的人，但我乐观地认为，基于过去几年我们为实现增长和盈利所采取的一切行动，2023 年将带来更大的稳定性。

Three years in…  

三年过去了……

We have certainly had our ups and downs over the last several years but ended 2022 with solid growth and an underwriting profit of 4.2%, which exceeds our 4% target profit margin. Our Personal and Commercial Lines businesses earned a profit margin of 4.0% and 8.9%, respectively, while our Property business recorded an underwriting loss margin of 10.5%, which included 25.6 points of catastrophe losses. NPW growth was good across all segments with Personal Lines, Commercial Lines, and Property growing 9%, 17%, and 8%, respectively.

过去几年，我们确实经历了起伏，但在 2022 年结束时实现了稳健增长，承保利润达到 4.2%，超过了我们 4%的目标利润率。其中，个人业务和商业业务的利润率分别为 4.0%和 8.9%，而财产业务则录得 10.5%的承保亏损率，其中包括 25.6 个百分点的巨灾损失。净承保保费在所有业务板块均实现良好增长，其中个人业务、商业业务和财产业务分别增长了 9%、17%和 8%。

In Personal Lines, we started 2022 with promise considering the sharp turn in loss trends experienced during the latter part of 2021. Our discipline around profitable growth prompted our product management team to act quickly. We increased our countrywide rate level about 8% for auto in 2021 and managed our media budget conservatively.

在个人业务方面，考虑到 2021 年下半年损失趋势的急剧转变，我们在充满希望的状态下开启了 2022 年。我们对盈利增长的严格要求促使产品管理团队迅速采取行动。2021 年，我们在全国范围内将汽车险费率水平提高了约 8%，并谨慎管理了媒体预算。

As a result of these actions, we started 2022 in a more favorable position but continued our personal auto rate actions during the first half of the year with additional rate increases of about 9% during that period. As our profitability appeared to be trending in the right direction, in the third quarter 2022, we experienced the largest hurricane in our history as Hurricane Ian made landfall several times in both the Gulf and Atlantic coasts. For the year, we incurred an estimated $560 million of losses in Personal Lines and nearly $15 million in Commercial Lines.

由于采取了这些措施，我们在更有利的状态下开启了 2022 年，但在上半年继续实施个人汽车费率调整，在此期间额外提高了约 9%的费率。当我们的盈利能力似乎正朝着正确方向发展时，2022 年第三季度，我们经历了公司历史上最大的飓风事件，飓风伊恩多次登陆墨西哥湾和大西洋沿岸地区。全年我们在个人业务方面估计损失 5.6 亿美元，在商业业务方面损失近 1500 万美元。

Acting quickly and keeping our financial objectives in mind, we made trade-offs during the second half of the year and prioritized profit over growth with a focus on expense management, primarily our media budget, and continued rate level management. As a result of these efforts, our Personal Lines business finished the year at a 96.0 CR.

我们迅速采取行动，并牢记财务目标，在下半年做出权衡，优先考虑利润而非增长，专注于费用管理（主要是媒体预算）和持续的费率水平管理。由于这些努力，我们的个人业务线全年综合成本率达到 96.0。

Managing to our companywide stated profit goal did not come without sacrifice, particularly in growth during the first half of the calendar year. However, because we acted quickly in 2021 and the first half of 2022 with rate increases, our second half of 2022 rate changes moved closer to our ‘small bites at the apple’ approach and were about 4% and at a pace closer to the inflationary pressure we experienced. Based on publicly available rate filings, during the second half of the year, we witnessed the market catching up with rate increases of their own that were comparable to the rate actions we took much earlier. As our competitiveness improved, our Personal Lines business ended 2022 with growth in both premiums and policies in force.

要实现公司范围内既定的利润目标并非没有牺牲，尤其是在日历年度上半年的增长方面。然而，由于我们在 2021 年和 2022 年上半年迅速采取了提价措施，因此 2022 年下半年的费率调整更接近我们“小口吃苹果”的策略，约为 4%，与我们所经历的通胀压力更为接近。从公开的费率申报信息来看，下半年我们注意到市场也开始追赶，实施了与我们更早前采取的措施相当的费率上调。随着我们的竞争力提升，我们的个人业务线在 2022 年底实现了保费和有效保单数量的双增长。

Our Commercial Lines business was the highlight for 2022 after several years of similar success. We work as a very cohesive and unified team, so we celebrate each business units’ success and lift each other up when there are opportunities. This year was no different. In addition to supporting our existing Commercial Lines business market targets, we continued to integrate Protective Insurance Corporation’s people and products into the organization and am pleased that the timeline and plan are meeting our expectations.

经过连续数年的成功后，我们的商业保险业务成为 2022 年的亮点。我们作为一个高度团结一致的团队运作，因此我们共同庆祝每个业务单元的成功，并在出现机会时相互扶持。今年也不例外。除了继续支持我们现有的商业保险业务市场目标外，我们还持续将 Protective Insurance Corporation 的人员和产品整合到组织中，我很高兴进度和计划都符合我们的预期。

We ended 2022 with 17% NPW growth at a 91.1 CR. I remember vividly when we reached $1 billion in Commercial Lines NPW and now the business unit wrote $9.4 billion of net premiums during 2022. The tremendous growth we have achieved in a very short amount of time is a bellwether of our stellar leadership in this business unit, as well as our ability to leverage what was happening in the economy during that time.

截至 2022 年底，我们实现了 17%的净保费增长，综合赔付率为 91.1%。我清楚地记得，当我们的商业险净保费达到 10 亿美元时，而现在该业务部门在 2022 年已实现 94 亿美元的净保费收入。在如此短的时间内取得的巨大增长，体现了我们在该业务部门卓越的领导力，以及我们利用当时经济形势的能力。

Our Property business experienced premium growth in 2022; however, profitability fell well short of our expectations with a combined ratio of 110.5. We ended 2022 with $2.4 billion of NPW, an 8% increase over 2021, and recognized modest growth in policies in force of 3%.

Our Property underwriting loss reflected nearly 26 points of catastrophe losses, primarily from Hurricane Ian, which alone accounted for almost 30% of our total Property catastrophe losses, an April hail/wind event in Arkansas and Texas, and a late December winter storm. As a result of our per-event catastrophe reinsurance, our losses and allocated loss adjustment expenses from Hurricane Ian were capped at $200 million, or 8.8 points.

我们的财产险承保亏损反映了近 26 个百分点的巨灾损失，主要来自飓风伊恩（仅此一项就占我们财产险巨灾损失总额的近 30%）、4 月在阿肯色州和德克萨斯州发生的冰雹/大风事件，以及 12 月下旬的冬季风暴。由于我们按事件划分的巨灾再保险安排，我们因飓风伊恩产生的损失及已分配的损失调整费用上限为 2 亿美元，即 8.8 个百分点。

Improving profitability continues to be our top priority for our Property business. Due to our concentration of policies in catastrophe-exposed states, severe weather events generally have greater impact on our results compared to other national carriers. To reduce this volatility, we focused our efforts on growing in states with traditionally less catastrophe exposure and limiting growth in the coastal and hail-prone states. We began implementing underwriting changes during the second half of 2021 to accomplish these goals, continued to take steps during 2022, and will continue to take steps during 2023 to reduce our concentration exposure. In addition, we increased rates an average of about 19% across Property’s product portfolio in 2022, with larger increases in Florida and in hail-prone states, such as Colorado and Oklahoma. We will continue to adjust rates to work towards our profitability goals in our Property business.

提高盈利能力仍然是我们财产保险业务的首要任务。由于我们的保单集中在易受灾害影响的州，与其他全国性保险公司相比，恶劣天气事件通常对我们的业绩影响更大。为减少这种波动性，我们将重点放在传统上灾害风险较低的州进行业务增长，并限制在沿海和易受冰雹影响的州的增长。我们从 2021 年下半年开始实施承保调整以实现这些目标，在 2022 年继续采取措施，并将在 2023 年继续采取措施，以降低我们的集中风险。此外，我们在 2022 年将财产保险产品组合的费率平均提高了约 19%，其中佛罗里达州和易受冰雹影响的州（如科罗拉多州和俄克拉荷马州）的涨幅更大。我们将继续调整费率，以实现财产保险业务的盈利目标。

In 2022, our investment portfolio saw a fully taxable equivalent total return of -7.8%. We believed we entered the year with a conservative posture, but it was difficult to escape the volatility seen across both the fixed-income and equity markets. While we stayed in the bottom half of our self-imposed target duration range, the persistence of high inflation and the Federal Reserve’s actions contributed to losses across the interest rate curve.

2022 年，我们投资组合的完全应税等值总回报为-7.8%。尽管我们认为自己以保守的姿态进入了这一年，但仍难以避免固定收益和股票市场的整体波动。虽然我们一直将久期控制在自定目标区间的下半部分，但持续的高通胀和美联储的行动导致了整个利率曲线的损失。

Our fixed-income portfolio returned -6.6% on the year, as higher rates and wider credit spreads offset the higher investment income that we were able to generate as the year progressed. The sharp movements in interest rates depressed equity returns as well, with our equity portfolio producing a -19.4% total return. As the year progressed, we stayed cautious, due to increased geopolitical risk and the significant tightening in monetary policy, and conservative, with the interest rate, credit, and equity risks that we chose to take, in our investment portfolio. We believe that there is the potential for continued market volatility in the first half of 2023 and believe that our current posture will have us in position to find strong investments if valuations continue to improve.

由于利率上升和信贷利差扩大抵消了我们在年内逐步实现的较高投资收益，我们的固定收益投资组合全年回报率为-6.6%。利率的剧烈波动也压低了股票回报，我们的股票投资组合总回报率为-19.4%。随着年内形势的发展，由于地缘政治风险增加以及货币政策显著收紧，我们在投资组合中对利率、信贷和股票风险的选择保持谨慎和保守。我们认为 2023 年上半年市场可能继续波动，并相信我们目前的立场将使我们能够在估值持续改善的情况下找到优质的投资机会。

In times of volatility, we also believe it is appropriate to have a conservative approach as it pertains to our capital. In the first quarter 2022, as we saw the effects of inflation on both the operating and investing sides of our business, we felt it was prudent to raise capital in the debt markets. We issued $1.5 billion of corporate bonds with an average interest rate just above 3%.

在市场波动时期，我们也认为对资本采取保守的态度是合适的。2022 年第一季度，当我们看到通货膨胀对公司运营和投资业务的影响时，我们认为在债务市场筹集资金是审慎的做法。我们发行了 15 亿美元的公司债券，平均利率略高于 3%。

In the fourth quarter, management and the Board of Directors agreed that, given potential growth opportunities, the right decision was to not pay a variable dividend this year. Nevertheless, we maintained our $0.10 per common share quarterly dividend and repurchased enough shares to offset dilution from employee equity grants. We believe that the actions that we took during 2022 will provide a strong foundation for underwriting growth in 2023 and beyond.

在第四季度，管理层和董事会一致认为，鉴于潜在的增长机会，今年不支付浮动股息是正确的决定。不过，我们维持了每股普通股 0.10 美元的季度股息，并回购了足够的股票，以抵消员工股权授予带来的稀释效应。我们相信，2022 年采取的措施将为 2023 年及以后的承保增长奠定坚实基础。

Overall, even with the many significant headwinds that we have faced these last three years, we remain positive, confident, and eager to get even closer to achieving our Vision.

总体而言，即使过去三年我们面临诸多重大阻力，我们依然保持积极、自信，并渴望更进一步实现我们的愿景。

Our Four Cornerstones  

我们的四大基石

You are all familiar with our four cornerstones – who we are, why we are here, where we are headed, and how we will get there – as the construct Progressive uses to think about having a competitive advantage. We start with our five Core Values that clearly outlines who we are. Next is our Purpose, which is a statement we recently modified to more clearly convey why Progressive exists and the role we play in society and is described in more detail below. The third cornerstone is our Vision, which we also slightly revised to reflect all our customers and their future needs. Lastly, and the more tactical of all the cornerstones, is Strategy, which is supported by our four strategic pillars that have been our resolute approach to making sure we invest in the most critical elements of People and Culture, Broad Needs of our Customers, our Leading Brand, and having Competitive Prices.

你们都熟悉我们的四大基石——我们是谁、我们为何在此、我们将去往何方以及我们如何到达那里，这是 Progressive 用来思考如何获得竞争优势的框架。我们首先从清晰阐明我们身份的五个核心价值观开始。其次是我们的宗旨，我们最近对其进行了修改，以更清楚地表达 Progressive 存在的原因以及我们在社会中所扮演的角色，具体内容将在下文详细描述。第三个基石是我们的愿景，我们也对其进行了轻微调整，以反映我们所有客户及其未来的需求。最后，也是所有基石中更具战术性的，是我们的战略，它由四个战略支柱支撑，这些支柱一直是我们坚定不移的方针，确保我们在人员与文化、客户的广泛需求、领先品牌以及具有竞争力的价格等最关键领域进行投资。

CORE VALUES –These values, which remain unchanged and continue to serve as the foundation for our culture, are Integrity, Golden Rule, Objectives, Excellence, and Profit.

核心价值观——这些价值观始终如一，是我们文化的基石，包括诚信、黄金法则、目标、卓越和盈利。

PURPOSE – Since opening our doors in 1937, Progressive has challenged the status quo to accelerate progress and equity. Our history of consumer-focused innovation and foundational Core Values continually drives us to put people’s needs first. Building on this legacy, we are modifying our Purpose to better unify and guide our organization.

宗旨 – 自 1937 年成立以来，Progressive 一直挑战现状，以加速进步并促进公平。我们以消费者为中心的创新历史和根本核心价值观不断推动我们将人们的需求放在首位。在此基础上，我们正在调整我们的宗旨，以更好地统一和引导我们的组织。

At Progressive, “We exist to help people move forward and live fully.”

在 Progressive，“我们的存在是为了帮助人们不断前进，充实生活。”

“Move forward” means more than simply providing products and services that assist people in recovering from a loss; it’s how we help people—regardless of their background— and make measurable progress toward a more promising future. “Live fully” comes from the peace of mind we give people to pursue what matters most without fear of setbacks. In doing so, they can then confidently live the fullest expression of their lives.

“勇往直前”不仅意味着提供产品和服务，帮助人们从损失中恢复；更意味着我们如何帮助所有人——无论他们的背景如何——取得可衡量的进步，迈向更有希望的未来。“尽享人生”源于我们给予人们的安心，使他们能够无惧挫折地追求最重要的事物，从而自信地活出最充实的人生。

In a world where it can feel challenging to get ahead, we’re proud to be a trusted partner that champions progress for consumers, our customers, and the Progressive community. We’re united in our purpose to help people move forward toward their fullest lives, as reflected in the incredible stories shared throughout this letter. Our collective commitment guides our decisions to make tangible progress possible for more people.

在一个充满挑战、难以取得进步的世界中，我们很自豪能成为值得信赖的合作伙伴，积极推动消费者、客户和 Progressive 社区的进步。我们团结一致，致力于帮助人们迈向更加充实的生活，这一点在本信函中分享的精彩故事中得到了体现。我们共同的承诺指引着我们的决策，让更多人实现切实的进步。

VISION – The slight modification to our Vision statement to add “business owners” and “other financial needs” provides a more holistic view of all the customers we are privileged to serve and their future needs.

愿景——我们对愿景声明进行了微调，加入了“企业主”和“其他财务需求”，从而更全面地体现了我们有幸服务的所有客户及其未来需求。

Our Vision is to “Become consumers’, agents’, and business owners’ #1 destination for insurance and other financial needs.”

我们的愿景是“成为消费者、代理人和企业主在保险及其他金融需求方面的首选之地。”

STRATEGY – Our strategic pillars serve as the foundation of how we will achieve our Vision and are discussed in more detail below.

战略 – 我们的战略支柱是实现愿景的基础，下文将对此进行更详细的讨论。

People and Culture  

人文与文化

We strongly feel that to be consumers’, agents’, and business owners’ #1 destination for insurance and other financial needs, we need to understand and anticipate the needs of our customers. For us, Diversity, Equity, and Inclusion are business imperatives required to sustain our incredible growth. It’s our growth that generates additional career opportunities for all of us.

我们深信，要成为消费者、代理人和企业主在保险及其他金融需求方面的首选目的地，我们必须理解并预见客户的需求。对我们而言，多元化、公平和包容是维持我们卓越增长所必需的业务要素。正是我们的增长为我们所有人创造了更多的职业机会。

Our four Diversity, Equity, and Inclusion objectives remain as follows:

我们的四个多元化、公平与包容性目标仍然如下：

•Reflect the customers we serve

•反映我们所服务的客户

•Leadership reflects the people they lead

• 领导力反映了他们所领导的员工

•Maintain a fair and inclusive work environment

• 保持公平和包容的工作环境

•Contribute to our communities

• 为我们的社区做贡献

I will briefly describe our efforts of each objective below.

我将在下面简要描述我们针对每个目标所做的努力。

After almost five years of significant growth and hiring, the gender and racial demographics of our workforce are closely aligned with the U.S. adult population. There’s obviously more to diversity than just gender and race, like diversity of thought and demographics, such as disability, religion, and veteran status, but gender and race are the two demographic factors that we currently measure for all Progressive people.

经过近五年的显著增长和招聘，我们员工的性别和种族构成已与美国成年人口密切一致。显然，多样性不仅限于性别和种族，还包括思想多样性以及其他人口统计因素，如残疾、宗教和退伍军人身份，但性别和种族是我们目前对所有 Progressive 员工进行衡量的两个人口统计因素。

From this, we can focus on the recruiting and development efforts that have proven to be most successful over the past few years. We recognize it will take an ongoing effort to ensure we continue to attract and retain a richly diverse workforce.

因此，我们可以专注于过去几年中已被证明最为成功的招聘和发展工作。我们认识到，这需要持续不断的努力，以确保我们继续吸引并留住多元化的优秀人才。

We believe that engagement strengthens when our people rise into leadership roles and inspire others to lead. Our talent management and acquisition processes strive to remove any barriers we may face in our efforts to increasing the representation of women and people of color into management roles. A deliberate effort to increase the diversity of our candidate pool has proven effective in meeting this objective. We plan to maintain our discipline in developing deep, diverse candidate pools through new and existing recruiting networks and internal talent development investments.

我们相信，当员工晋升到领导岗位并激励他人领导时，参与度会得到增强。我们的人才管理和招聘流程致力于消除可能存在的障碍，以增加女性和有色人种在管理岗位中的代表性。事实证明，有意识地努力提高候选人群体的多样性对于实现这一目标是有效的。我们计划继续保持纪律性，通过新的和现有的招聘网络以及内部人才培养投入，建立广泛且多元化的候选人群体。

We’re committed to creating an environment where our people feel welcomed, valued, and respected. One key measure of success is participation in our Employee Resource Groups (ERGs). In fact, during 2022, our ERG membership grew even faster than the rate of growth of our employee population. We believe our ERGs, and our outsized participation rates compared to benchmarks (DiversityInc’s Top 50), are a significant contributing factor to several people metrics at Progressive. Our ERG members are more engaged and more likely to stay at Progressive and achieve a promotion.

我们致力于营造一个让员工感到受欢迎、被重视和受尊重的环境。衡量成功的一个关键指标是员工资源小组（ERGs）的参与度。事实上，在 2022 年，我们的 ERG 成员人数增长速度甚至超过了员工总数的增长速度。我们相信，我们的 ERG 以及与基准（DiversityInc 前 50 名）相比更高的参与率，是 Progressive 公司多项员工指标的重要推动因素。我们的 ERG 成员参与度更高，更倾向于留在 Progressive 公司并获得晋升。

We’re also proud of our pay equity. Our pay equity analysis shows that for Progressive employees with similar performance, experience, and job responsibilities, women earn one dollar for every dollar earned by men, and people of color earn one dollar for every dollar earned by their white co-workers.

我们也为我们的薪酬公平感到自豪。我们的薪酬公平分析表明，在 Progressive 公司中，表现、经验和工作职责相似的员工中，女性与男性的收入比例为一比一，有色人种与白人员工的收入比例也为一比一。

In addition to ERG participation, we use our annual Engagement & Culture survey to measure overall employee engagement and satisfaction. Engagement at Progressive remains extremely high, placing us in the top 5% of all U.S.-based companies that use the Gallup survey. This year, we improved our engagement index score by three points, while Gallup reported a minor decline in their company universe based on the past 5 years.

除了参与员工资源小组（ERG）之外，我们还通过年度“敬业度与文化”调查来衡量整体员工敬业度和满意度。Progressive 公司的员工敬业度仍然极高，使我们位列所有使用盖洛普调查的美国公司前 5%。今年，我们的敬业度指数得分提高了 3 分，而盖洛普报告称过去 5 年其公司数据库的整体得分略有下降。

To encourage contributing to our community, this year, The Progressive Insurance Foundation launched an exciting new program we call Name Your Cause. It’s an innovative giving program under which each employee can recommend that the Foundation give a minimum of $100 to a charity of their choice without a direct donation by the employee. Not only has this form of equitable giving driven praise from Progressive people, but it also increased employee participation just over threefold, compared to our prior donation-matching approach, while diversifying our giving to match our employee footprint around the country.

为了鼓励对我们社区的贡献，今年，Progressive 保险基金会推出了一项令人振奋的新计划，我们称之为“指定你的公益事业”。这是一项创新的捐赠计划，每位员工都可以推荐一个自己选择的慈善机构，由基金会向该机构捐赠至少 100 美元，而无需员工直接捐款。这种公平的捐赠方式不仅赢得了 Progressive 员工的赞誉，而且与我们之前的捐赠配对方式相比，员工参与度提高了三倍多，同时也使我们的捐赠更加多样化，更好地与全国各地员工的分布相匹配。

Reflective of our special culture and propensity for giving to our communities, I’ve attached just a few of the beautiful sentiments from Progressive people and the charities they support.

为了体现我们独特的文化以及回馈社区的倾向，我附上了一些来自 Progressive 员工的美好感言，以及他们所支持的慈善机构。

Katie, a 19-year employee working as a Central Loss Reporting Unit Representative, had this to say, “I’m so grateful to be with this company. Many of us are experiencing very strong emotions, and feelings of helplessness…and Progressive comes along and quietly provides a way for us to do something. I had a little moment of feeling better today when I sent the $100 in the direction that I thought it would help the most.”

在公司任职 19 年、担任中央损失报告部门代表的凯蒂表示：“我非常感激能在这家公司工作。我们许多人都经历着非常强烈的情绪和无助感……而 Progressive 公司悄悄地为我们提供了一种行动的方式。今天，当我把 100 美元送往我认为最需要帮助的地方时，我感到了一丝安慰。”

Ann Marie from Claims said, “I’m passionate about the Cleveland Food Bank. I’ve seen the good that it does and the people it serves from young to old. When they’re distributing food, the line is as far as the eye can see. Really puts hunger in perspective.”

来自理赔部门的安·玛丽表示：“我对克利夫兰食品银行充满热情。我亲眼见过它所做的善举，以及它所服务的从年轻到年长的人群。当他们分发食物时，排队的人群一眼望不到头。这确实让人对饥饿问题有了更深刻的认识。”

Also from Claims, Tiffani said, “Founded by two veterans, Sub Zero Mission collects hats, coats, gloves, boots, and sleeping bags for the homeless. Their volunteers even go out in the winter to hand out these items.”

同样来自理赔部门，蒂法尼表示：“Sub Zero Mission 由两名退伍军人创立，专门为无家可归者收集帽子、大衣、手套、靴子和睡袋。他们的志愿者甚至会在冬季外出分发这些物品。”

Angela from CRM said, “Families who need to travel to St. Jude’s for treatment never receive a bill. I’ve had family members with childhood cancer and can appreciate the importance of this. I also love that they share any of their scientific discoveries with the world.”

来自 CRM 的 Angela 表示：“需要前往圣裘德医院接受治疗的家庭从不会收到账单。我家里也曾有过患儿癌症的亲人，因此我能体会到这一点的重要性。我也很欣赏他们将任何科学发现都与全世界共享。”

Lastly, Marlena from CRM said, “The Otis Redding Foundation provides programs that ignite dreams in our future generation of leaders. They also remain dedicated to connecting with the universal relevance of music to serve as a catalyst for education and other youth-oriented initiatives.”

最后，来自 CRM 的玛琳娜表示：“奥蒂斯·雷丁基金会提供的项目点燃了我们未来一代领导者的梦想。他们还致力于通过音乐的普遍影响力，推动教育和其他以青年为导向的倡议。”

In addition to Name Your Cause, and with a few exceptions, we’ve narrowed the focus of our community support to causes that align with our business, simply put, vehicles and homes. We provide vehicles to veterans through our Keys to Progress® initiative and partnered with Humble Design to furnish homes for the homeless. We also continued donations to the national organizations identified by our ERGs to help support the communities they represent.

除了“Name Your Cause”活动以及少数例外情况外，我们已将社区支持的重点缩小到与我们业务相关的领域，即车辆和住房。我们通过“Keys to Progress®”项目为退伍军人提供车辆，并与 Humble Design 合作，为无家可归者提供家居用品。此外，我们还继续向由我们的员工资源小组（ERGs）确定的全国性组织捐赠，以帮助支持他们所代表的社区。

We celebrated the 10th anniversary of our Keys to Progress veteran vehicle giveaway program where we have donated nearly 950 vehicles to veterans in need. This year, through our Keys to Progress homelessness support efforts with Humble Design Cleveland, we helped to furnish almost 100 homes for families moving from homeless shelters. Lastly, since the inception of The Progressive Insurance Foundation in 2001, we have given nearly $100 million to causes that our employees support or suggested.

我们庆祝了“进步之钥”退伍军人车辆捐赠项目的十周年纪念，该项目已向有需要的退伍军人捐赠了近 950 辆汽车。今年，通过与 Humble Design 克利夫兰合作的“进步之钥”无家可归者援助项目，我们帮助近 100 个家庭完成了从收容所搬迁后的家居布置。此外，自 2001 年 Progressive 保险基金会成立以来，我们已向员工支持或建议的公益事业捐赠了近一亿美元。

To wrap up this section, I will share a beautiful story from our 2022 Keys to Progress truck recipient. After you read his story, you’ll more fully understand why this is such a special program for Progressive.

在本节的最后，我将分享一位 2022 年“进步之钥”卡车获赠者的美好故事。当你读完他的故事后，你会更加深刻地理解为什么这对 Progressive 来说是一个如此特别的项目。

Growing up as the oldest son of 12 children in Fitzgerald, Georgia, Lt. Col. James “JC” Rose hoped that sports would help him provide a better way of life for his working-class family. He played basketball and football and tried his best, but by his own admission he didn’t have the talent to get a scholarship or go professional.

作为乔治亚州菲茨杰拉德 12 个孩子中的长子长大，詹姆斯·“JC”·罗斯中校曾希望体育能帮助他为工薪阶层的家庭提供更好的生活。他打篮球和橄榄球，并尽了最大努力，但他自己也承认，他并没有足够的天赋获得奖学金或成为职业运动员。

Because of pushing himself with sports, his grades slipped, leading to the biggest disappointment in his life: he failed the seventh grade.

由于过度投入体育运动，他的成绩下滑，导致了他人生中最大的失望：七年级不及格。

“I was ashamed about failing. It was hard to face my friends when they came by, knowing they’d be in the eighth grade and I’d be repeating seventh,” JC says. “But my mother wouldn’t let me slink away and hide from my failure. She told me to sit up and tell them about it, and that lit a fire in my belly to find a new plan for success in life.” That plan turned out to be the Marines. After seeing an advertisement in a magazine, he was intrigued about that branch of service, which he considered the “best of the best.” So, he dedicated himself to graduating high school, and once he did, he enlisted, leading him to boot camp at legendary Parris Island, South Carolina.

“我对自己的失败感到羞愧。当朋友们来访时，我很难面对他们，因为我知道他们将升入八年级，而我却要重读七年级，”JC 说道。“但我母亲不允许我逃避或躲藏自己的失败。她告诉我要挺直腰板，坦然告诉他们，这激发了我内心的斗志，促使我寻找新的成功计划。”这个计划最终是加入海军陆战队。当他在一本杂志上看到一则广告后，对这个他认为是“精英中的精英”的军种产生了兴趣。因此，他决心完成高中学业，毕业后便入伍，前往位于南卡罗来纳州著名的帕里斯岛接受新兵训练。

JC knew he’d made the right choice and found a renewed purpose in life. He enjoyed the challenges of boot camp so much that his first goal was to become a drill instructor, which he achieved within his first contract. After MOS school, he was stationed at the Marine Air Station in Beaufort, South Carolina, where he served in his first combat tour Desert Shield/Desert Storm and numerous 6-month deployments loading aviation ordnance on and off the F-18 fighter jets and EA6B electronic countermeasures aircraft. Being twice meritoriously promoted, he quickly progressed through the enlisted ranks to staff sergeant, to warrant officer, then commissioned officer, ultimately where he was responsible for training personnel, munitions upkeep, software, and the complicated logistics of positioning and distributing ordnance globally. He met many lifelong friends, and takes great pride in their “true grit,” hard work ethic and dedication to serving and defending our country. JC is very proud of his rewarding and patriotic career. After retiring, he continues finding ways to serve his fellow veterans and communities.

JC 知道自己做出了正确的选择，并重新找到了人生目标。他非常享受新兵训练营的挑战，因此他的第一个目标就是成为一名教官，并在首个服役合同期内实现了这一目标。完成军事职业专长学校后，他被派驻到南卡罗来纳州博福特的海军陆战队航空基地，在那里他参加了第一次作战任务“沙漠之盾/沙漠风暴”，并多次执行为期六个月的部署任务，负责为 F-18 战斗机和 EA6B 电子对抗飞机装卸航空军械。他曾两次因功晋升，很快从士兵晋升为参谋军士，再晋升为准尉，随后成为军官，最终负责人员培训、弹药维护、软件管理以及全球范围内军械部署和分配的复杂后勤工作。他结识了许多终生挚友，并为他们的坚毅品格、勤奋工作和保卫国家的奉献精神感到自豪。JC 对自己充满成就感和爱国精神的职业生涯感到非常自豪。退役后，他继续寻找各种方式为退伍军人和社区服务。

The trucking industry seemed like a natural fit for him after the Marines, considering the similarities to his logistics work in the service and given his relatives and friends who are truckers. JC now works for Prime Inc., a veteran-owned company that encourages its drivers to build their own “mini fleets,” which he intends to do with the truck he received from our 2022 Keys to Progress program. “I love driving trucks from my time supervising the loading/unloading of Navy ships and aircraft, and driving at night. Seeing truckers at night fills me with pride because trucks play a major role in the day-to-day lives for everyone. Being mission oriented and focused driven, I know they’re ‘getting things done,’ as we used to say in the service,” JC says. “It’s a ‘boots on the ground’ type of job, which appeals to me a lot more than sitting behind a desk!”

在海军陆战队服役后，考虑到卡车运输业与他在军队从事物流工作的相似性，以及他有亲戚朋友从事卡车司机的工作，这个行业对他来说似乎是一个自然而然的选择。JC 现在为 Prime Inc.公司工作，这是一家由退伍军人拥有的公司，鼓励司机建立自己的“小型车队”，他打算利用从我们 2022 年“Keys to Progress”项目中获得的卡车来实现这一目标。“我喜欢开卡车，这源于我在监督海军舰艇和飞机装卸货物时的经历，也喜欢夜间驾驶。夜晚看到卡车司机让我感到自豪，因为卡车在每个人的日常生活中发挥着重要作用。作为一个以任务为导向、专注于目标的人，我知道他们正在‘把事情办好’，正如我们在军队里常说的那样，”JC 说道。“这是一种‘脚踏实地’的工作，比坐在办公桌后面更吸引我！”

As a rookie driver, Prime nominated JC for Veterans Transition To Trucking: Driving For Excellence Award, in large part for his advocacy for fellow veterans who also transitioned to trucking careers. Using his personal time, JC represented Prime in the haul “The Wall That Heals” program, where veteran truckers annually transport a replica of the Vietnam Memorial Wall across the country. This program allowed JC to meet other veterans and help them transition into civilian life.

作为一名新手司机，Prime 公司提名 JC 参加了“退伍军人转型卡车运输：卓越驾驶奖”，很大程度上是因为他积极倡导帮助其他同样转型进入卡车运输行业的退伍军人。JC 利用个人时间代表 Prime 公司参与了“治愈之墙”运输项目，每年由退伍军人卡车司机将越战纪念墙的复制品运送到全国各地。该项目使 JC 能够结识其他退伍军人，并帮助他们顺利过渡到平民生活。

His work also caught the attention of veteran advocacy charities—including one that nominates veterans for our Keys to Progress veteran vehicle giveaway program.

他的工作也引起了一些退伍军人公益组织的关注，其中包括一家为我们的“Keys to Progress”退伍军人车辆赠送计划提名退伍军人的机构。

When notified that he was a recipient, JC responded: “I was humbled and honored to even be asked to apply for Keys to Progress, and now that I know I’ll be receiving this truck and unbelievable care package, I’m more dedicated than ever to build a fleet and start my own trucking business.” He adds, “I hope to hire many of the veterans or veteran dependents I’ve met over the years who are struggling in their transition to civilian life. As veterans, we seek the satisfaction of ‘mission accomplished,’ and that shines through in the trucking business. Honestly, since I was told about the truck, it feels like my feet haven’t touched the ground.”

当得知自己获奖时，JC 回应道：“当初被邀请申请‘Keys to Progress’项目时，我就感到非常谦卑和荣幸。现在得知自己将获得这辆卡车和令人难以置信的关怀礼包，我比以往任何时候都更加坚定，要建立自己的车队并创办自己的货运公司。”他补充说：“我希望雇佣许多我这些年遇到的、在向平民生活转型过程中遇到困难的退伍军人或退伍军人家属。作为退伍军人，我们追求的是‘任务完成’的满足感，而这种精神在货运行业中尤为突出。说实话，自从得知自己将获得这辆卡车后，我感觉自己的脚都没沾过地。”

Over his trucking career, when JC meets fellow veterans or others in need, he hands out “challenge coins” with a motto that dates back to his drill instructor days: “In order to stay in the fight, you first have to be in it.” JC believes this motto resonates with veterans who’ve fallen on hard times and can be implemented in everyday life for anyone. He handed coins out at his Keys to Progress event—where he was joined by Prime’s owner and executive staff, members of his family and many military and trucker friends.

在他的卡车驾驶生涯中，当 JC 遇到退伍军人或其他需要帮助的人时，他会送出印有一句格言的“挑战币”，这句格言可以追溯到他担任教官的时期：“要想坚持战斗，首先你得参与其中。”JC 相信，这句格言能引起那些陷入困境的退伍军人的共鸣，也适用于每个人的日常生活。他在自己的“进步之钥”活动上分发了这些硬币，活动当天，Prime 公司的老板和高管、他的家人以及许多军队和卡车司机朋友都到场支持。

Living his motto, JC doesn’t see himself slowing down any time soon, and remains determined to lead by example and make his family proud. Semper Fidelis!

践行着自己的座右铭，JC 并不认为自己会很快放慢脚步，他依然决心以身作则，让家人为他感到自豪。永远忠诚！

Broad Needs of Our Customers

客户的广泛需求

As we continue our goal of becoming a destination company, we remain diligent in our focus to be where our customers want to shop, be available when they want to purchase and in what manner or how they want to purchase, and service their policies. Our objective is to be able to grow with each customer as their insurance needs change or evolve. We know that as customers acquire additional products with us, they tend to stay longer.

在我们继续实现成为一家目标公司的过程中，我们始终专注于客户希望购物的地点、购买的时间、方式以及如何为他们的保单提供服务。我们的目标是随着客户保险需求的变化或发展，与每位客户共同成长。我们知道，当客户从我们这里获得更多产品时，他们往往会停留更长时间。

We meet the needs of consumers through both HomeQuote Explorer® (HQX), our online Property offering, and our in-house agency with about a dozen carriers covering homeowners, renters, and umbrella insurance. We offer products from Progressive Home, along with many unaffiliated partners, through HQX in order to give our customers the choice that best fits their needs. The ability to buy online is now available through at least one carrier in 47 states and the District of Columbia, making it available to over 90% of consumers quoted.

我们通过在线房产产品 HomeQuote Explorer®（HQX）以及内部代理机构满足消费者需求，代理机构拥有约十几家保险公司，涵盖房主保险、租客保险和伞式保险。我们通过 HQX 提供 Progressive Home 及众多非关联合作伙伴的产品，以便为客户提供最适合其需求的选择。目前，至少有一家保险公司在 47 个州和哥伦比亚特区提供在线购买服务，使超过 90%的报价消费者能够使用此服务。

We launched BusinessQuote Explorer® (BQX) for our Commercial Lines products in 2019. Since then, we’ve added a good stable of carriers offering a range of products, including our own manufactured business owners policy (BOP)/general liability product. At the end of 2022, we wrote BOP in 38 states that represented nearly 70% of the commercial multi-peril market at year end. We have also expanded BQX by building Excess and Surplus (E&S) broker capabilities and at the end of 2022, our broker operations provided access to E&S in 40 states. Recently, we’ve focused on expanding into hundreds of additional business-carrier combinations, building proprietary consumer and in-house agency user interfaces, and upgrading our agency management system to a modern cloud deployment. We are also offering more value-added services that we believe will generate more revenue, leverage the already incurred acquisition costs, and help guide us to profitability.

我们于 2019 年为商业保险产品推出了 BusinessQuote Explorer®（BQX）。自此之后，我们增加了大量稳定的承保商，提供一系列产品，包括我们自主开发的企业主保单（BOP）/一般责任险产品。截至 2022 年底，我们在 38 个州提供 BOP 业务，这些州占年末商业多险种市场的近 70%。我们还通过建立超额与盈余（E&S）经纪能力扩展了 BQX，截至 2022 年底，我们的经纪业务已在 40 个州提供 E&S 服务。近期，我们专注于扩展数百种额外的业务与承保商组合，构建专有的消费者和内部代理用户界面，并将我们的代理管理系统升级为现代化的云部署。此外，我们还提供更多增值服务，我们相信这些服务将带来更多收入，充分利用已发生的获客成本，并帮助我们实现盈利。

Leading Brand  

领先品牌

The strong awareness of the Progressive brand remains one of our most valuable assets. Our brand is well-known, and our marketing is not only loved by consumers, but it also motivates people to choose us as their preferred insurance carrier and become valued customers. For us, brand and business effectiveness are one and the same. We seek to delight those we touch with relevant and insightful campaigns that also deliver breakthrough business results.

Progressive 品牌的强大知名度仍然是我们最宝贵的资产之一。我们的品牌广为人知，我们的营销不仅深受消费者喜爱，还激励人们选择我们作为首选保险公司并成为我们的重要客户。对我们而言，品牌与业务效能密不可分。我们致力于通过相关且富有洞察力的营销活动取悦受众，同时实现突破性的业务成果。

We have long reaped the benefits of our Superstore campaign, which will turn 15 years old in 2023, marked by our 200th campaign ad. What was once anchored to a four-wall set with a single spokeswoman, has grown to know no boundary of setting or scenario. The campaign has expanded to include a variety of recurring cast members, and even welcomed celebrity talent like Jon Hamm to join in on the fun. The longevity and continued performance of this campaign are truly remarkable. It continues to prove our commitment to customers and love of insurance through the quirky antics of our apron-clad characters and provides us with instant brand recognition.

我们长期以来一直从我们的“超级商店”广告活动中获益，该活动将在 2023 年迎来 15 周年，并推出第 200 个广告。曾经仅限于一个四面墙布景和单一女代言人的广告，如今已发展到不受场景或情境限制。该活动扩展到包括多位经常出现的演员，甚至邀请了乔恩·哈姆等明星加入其中。这一广告活动的持久性和持续表现确实令人瞩目。通过我们身穿围裙角色们的古怪滑稽表演，它持续证明了我们对客户的承诺和对保险事业的热爱，并为我们带来了即时的品牌识别度。

In addition to Superstore, Dr. Rick, the parenta-life coach who helps young homeowners from turning into their parents when they buy a house, is now a regular staple in our marketing mix that continues to deliver solid results. His book, Dr. Rick Will See You Now, successfully sold out for a second time and earned multiple marketing industry awards (Silver Cannes Lions, Bronze One Show, and Silver Clio) and the accompanying campaign was one of our strongest business-building campaigns.

除了 Superstore 之外，帮助年轻房主避免在购房后变成自己父母的“父母化”生活教练瑞克博士（Dr. Rick），如今已成为我们营销组合中的常规内容，并持续取得稳健的成果。他的著作《Dr. Rick Will See You Now》第二次成功售罄，并获得了多个营销行业奖项（戛纳银狮奖、One Show 铜奖和 Clio 银奖），相关宣传活动也是我们最有效的业务推广活动之一。

In 2022, we debuted our Replay campaign, which leverages the human truth that there are those moments in our lives when we all wish we could throw a challenge flag and go to the tape to prove ourselves correct. This campaign was specifically created for football fans, but the relevance has extended well beyond contextual programming. Progressive marketing is generally known for characters but unlike our other campaigns, Replay is not represented by a single main character. Instead, it is rooted in familiar relationship exchanges that people can easily relate to. Replay Scream earned us a Best-in-Culture designation amongst Black/African American audiences via CIIM (Cultural Insights and Impact Measure). Creating marketing that authentically represents and connects with diverse audiences, while also broadly driving business results, will be increasingly more important as we plan for future growth.

2022 年，我们推出了 Replay 营销活动，该活动利用了一个普遍的人性真相：生活中总有一些时刻，我们都希望能像体育比赛一样扔出挑战旗，通过回放录像来证明自己是对的。这项活动最初专为橄榄球迷打造，但其相关性已远远超出了特定的节目背景。Progressive 的营销通常以人物角色著称，但与我们其他活动不同，Replay 并未由单一主角代表，而是基于人们熟悉且易于产生共鸣的人际互动场景。Replay Scream 活动通过 CIIM（文化洞察与影响力衡量）获得了非裔美国人群体的“最佳文化表现”认可。随着我们规划未来的增长，创造能够真实代表并与多元化受众建立联系，同时广泛推动业务成果的营销活动，将变得越来越重要。

As we look ahead, we are excited to unlock the power of our elevated Purpose, to not only increase the effectiveness of our marketing, but to also transform how, when, and where we show up for our community. Through that lens, we will continue to uncover meaningful insights that unlock growth, expand the breadth and depth of our branded characters and campaigns, and uncover fresh perspective for how we will continue to bring differentiating benefits and experiences to life for consumers and customers.

展望未来，我们期待释放我们提升后的使命的力量，不仅提高营销效果，还将转变我们为社区服务的方式、时间和地点。通过这一视角，我们将继续挖掘有意义的洞察，以推动增长，拓展品牌角色和营销活动的广度与深度，并发掘新的视角，持续为消费者和客户带来差异化的利益和体验。

Competitive Prices  

有竞争力的价格

While a leading brand is key to our success, we operate in a very competitive industry where price is a very strong consideration for consumers when they shop or decide to renew their policies. Consequently, competitive prices is one of our four strategy pillars.

尽管拥有领先品牌是我们成功的关键，但我们所处的行业竞争非常激烈，消费者在购物或决定续保时，价格是一个非常重要的考虑因素。因此，具有竞争力的价格是我们四大战略支柱之一。

Operational efficiency, which is a key facet of this pillar, includes claims and policy services, and all overhead costs. While we pride ourselves on very efficient media spend and competitive commission for agents, we focus much of our operational efficiency efforts on non-acquisition-oriented customer services and support. We use non-acquisition expense ratio (NAER) as the key measure of operational efficiency. NAER is calculated by taking our overall expense ratio and subtracting media costs and agent commissions. Our Personal Lines and Property NAER for 2022 was down approximately 0.2 points and 0.3 points, respectively, from 2021, while Commercial Lines NAER was up approximately 0.2 points in 2022 versus 2021. We believe we maintain some of the most competitive NAERs in the industry, which naturally supports competitive prices that allow us to grow. We balance our loss adjustment expense (LAE) with providing excellent service and claims accuracy, paying the right amount for every claim. We continually try to manage to the optimal combination of these three principles along with strong engagement and work environment for our employees.

运营效率是这一支柱的重要组成部分，包括理赔和保单服务以及所有间接费用。尽管我们以高效的媒体支出和具有竞争力的代理佣金为荣，但我们将大部分运营效率的努力集中在非获客导向的客户服务和支持上。我们使用非获客费用比率（NAER）作为衡量运营效率的关键指标。NAER 的计算方法是用我们的整体费用比率减去媒体成本和代理佣金。2022 年，我们个人险和财产险的 NAER 分别较 2021 年下降约 0.2 个百分点和 0.3 个百分点，而商业险的 NAER 则较 2021 年上升约 0.2 个百分点。我们相信，我们的 NAER 在业内处于最具竞争力的水平之一，这自然有助于我们保持有竞争力的价格，从而实现增长。我们在理赔费用（LAE）方面兼顾卓越的服务和理赔准确性，确保每项理赔支付恰当的金额。我们持续努力在这三个原则之间实现最佳组合，同时为员工提供积极的参与感和良好的工作环境。

While we are pleased with our relative competitive position around NAER and LAE, we recognize the ratios benefited from higher written premium per policy in 2022. Our employees are one of our most significant expenses and, at year-end 2022, the ratio of our policies in force to headcount was 8% lower than at year-end 2021. We are focused on making our processes more efficient and building experiences to be more conducive to self-service to improve productivity and operational efficiency going forward.

尽管我们对围绕 NAER 和 LAE 的相对竞争地位感到满意，但我们也意识到，这些比率在 2022 年受益于每份保单更高的书面保费。员工是我们最重要的支出之一，截至 2022 年年底，我们有效保单与员工人数的比率比 2021 年年底低了 8%。我们正致力于提高流程效率，并打造更有利于自助服务的体验，以在未来提升生产力和运营效率。

Taking a holistic view, our 2022 companywide expense ratio was 18.5 points, or 1.1 points lower than in 2021. While we had some improvement in our NAER, as we navigated the effects of Hurricane Ian and sustained loss trends, we reduced our media budget to help ensure we achieved our aggregate calendar year 96 combined ratio.

整体来看，我们公司 2022 年的整体费用率为 18.5 点，比 2021 年降低了 1.1 点。尽管我们在非理赔费用率（NAER）方面有所改善，但在应对飓风伊恩的影响和持续的损失趋势时，我们削减了媒体预算，以确保实现全年综合比率 96 的目标。

Another important facet of competitive prices is to be able to price rate to risk through our product models and strong segmentation. Our investment in product development is a key tactic to accomplish that.

In auto, we launched our newest product model, which we refer to as 8.8. By the end of 2022, we had this product model rolled out in 10 states, which represented over 25% of our 2022 countrywide NPW and almost 27% of our policies in force.

在汽车领域，我们推出了最新的产品型号，称之为 8.8。截至 2022 年底，该产品型号已在 10 个州推出，占我们 2022 年全国净保费的 25%以上，以及近 27%的有效保单。

Within our commercial auto product, we completed 25 commercial auto model upgrades during the year and our latest product design, 8.0, at year end 2022 was deployed in 37 states that represented nearly 85% of our countrywide premium. Our 8.0 product model greatly improves segmentation, delivering lower rates for the best risks while also introducing several new coverages. In stark contrast to the commercial auto industry, we believe that our continued rate actions over the last few years have enabled us to consistently stay ahead of net trend, ensuring consistent profitable growth.

在我们的商业汽车产品中，我们在年内完成了 25 次商业汽车模型升级，截至 2022 年年底，我们最新的 8.0 版产品设计已在 37 个州部署，这些州占我们全国保费的近 85%。我们的 8.0 版产品模型极大地改善了细分能力，为最佳风险客户提供更低的费率，同时还引入了几项新的保障内容。与商业汽车行业形成鲜明对比的是，我们相信过去几年持续的费率调整使我们能够始终领先于净趋势，确保持续盈利增长。

In Property, we continue to invest heavily in the development of our next product model (5.0), which will also provide improvement in segmentation. The first state is expected to launch in the second quarter of 2023.

在房地产领域，我们继续大力投资开发下一代产品模型（5.0），该模型也将在细分领域有所改进。首个州预计将于 2023 年第二季度推出。

As we head into 2023, we will continue to invest in technology and process improvements, to attempt to push non-acquisition expense ratios lower, and in talent to continue to improve our segmentation acumen.

进入 2023 年，我们将继续投资于技术和流程改进，努力降低非获客费用比率，并通过人才投资持续提升我们的细分能力。

Onward and upward  

勇往直前，更上一层楼

While Hurricane Ian was certainly a gut punch to so many, there are always silver linings and the note sent to me below proves what it means to live our Core Values, specifically the Golden Rule.

尽管飓风伊恩无疑给许多人带来了沉重打击，但总会有一线希望，下面发给我的这条信息证明了践行我们核心价值观，尤其是黄金法则的意义。

Good Morning Tricia,  

早上好，特里西亚，

I wanted to take a moment to tell you how blessed I feel to be able to work for such an amazing Company. I like many was hit by the recent hurricane Ian. Words can’t begin to describe the feelings you have during such an event. Within two hours of the storm I lost all power, cell phones went down as well as Internet. The ability to have any communication cut off is the most unsettling feeling I think I have ever experienced. I was lucky to have a great group of neighbors and we rallied together in one house to brave the storm. After a long afternoon and night when the storm had passed one neighbor had cell service. I was able to alert my family and loved ones finally that I was OK. I viewed my emails to see over 20 emails from Progressive trying to check if I was ok as well from my direct Supervisor Vincent. The first glance at the devastating damages was beyond overwhelming.

我想花点时间告诉你，我感到非常幸运能够为这样一家出色的公司工作。和许多人一样，我也遭受了最近飓风伊恩的袭击。言语无法形容经历这种事件时的感受。风暴开始两小时内，我失去了所有电力，手机和互联网也都中断了。完全失去通讯能力的感觉可能是我经历过最令人不安的事情。我很幸运有一群很棒的邻居，我们聚集在一所房子里共同抵御风暴。经过漫长的下午和夜晚，风暴过去后，一位邻居的手机恢复了信号。我终于能够通知家人和亲人我平安无事。我查看邮件时发现 Progressive 公司发来了超过 20 封邮件，试图确认我的安全状况，我的直属主管 Vincent 也发来了邮件。第一次看到灾难造成的破坏时，内心的震撼难以言表。

Over the next week so many people reached out to me from Progressive to see what they could do to help. Crysti from HR was amazing as she talked with me every day even if it was to say a kind word. She was so supportive and uplifting. Rob, our senior claims leader, called as well as texted to let me know what ever I needed Progressive was there for me. Vincent was amazing. He was in constant contact with me two to three times a day offering whatever he could do to help even offering to drive two hours to bring gas to me as gas was almost impossible to get. He went above and beyond.

在接下来的一周里，Progressive 公司的许多人主动联系我，询问他们能提供什么帮助。人力资源部的 Crysti 非常棒，她每天都会与我交谈，即使只是说一句温暖的话语。她非常支持我，给了我很多鼓励。我们的高级理赔主管 Rob 也打电话并发短信告诉我，无论我需要什么，Progressive 都会支持我。Vincent 也非常出色，他每天与我保持两到三次联系，主动提出各种帮助，甚至愿意开车两小时给我送汽油，因为当时汽油几乎无法获得。他的帮助远远超出了预期。

As the weeks have past and the rebuild is ongoing, I still tear up thinking about Progressive and the people I work with. They are my Family. People say when things are really bad that is when you find out what people are made of. That being said Progressive people are amazing, kind, caring, and most of all selfless. I am so proud to say I work for Progressive and for sure Progressive works for me.

几周过去了，重建工作仍在继续，每当想到 Progressive 和与我共事的人们，我依然会热泪盈眶。他们是我的家人。人们常说，只有在最艰难的时候，你才能看清一个人的本质。正因如此，Progressive 的人们是如此令人惊叹，他们善良、关怀他人，最重要的是无私。我非常自豪地说，我为 Progressive 工作，而 Progressive 也确实为我而努力。

Thank you for your time in reading this. I felt it was important to know how blessed Progressive is to have such amazing people work for them. God bless.

感谢您抽出时间阅读此信。我觉得有必要让您知道，Progressive 能拥有如此出色的员工是多么幸运。愿上帝保佑。

Notes like this, and reflecting on these past three years, I can’t tell you how enthusiastic I am to dive into 2023. We believe we are well prepared and positioned. This is what we do – execute on deliberate and cogent plans with room for flexibility as the unknowns inevitably occur.

写下这样的感想，回顾过去三年，我无法形容自己对迈入 2023 年的热情。我们相信自己已做好充分准备并占据有利位置。这正是我们的专长——执行周密而清晰的计划，同时为不可避免的未知情况保留灵活空间。

Words do not do justice to literally every single area of Progressive that contributed to this year and the prior years that I have referenced. Instead of calling out every group, because I’m certain I would accidentally overlook an area, I just want to say that I am so grateful and proud of all of Progressive’s people.

语言无法充分表达 Progressive 公司每一个部门对今年以及我所提及的过去几年所做出的贡献。我不想逐一列出每个团队，因为我确信自己可能会无意中遗漏某个部门。我只想说，我对 Progressive 所有员工心怀感激，并为你们感到骄傲。

My sincere appreciation for all of your hard work and dedication is something that I never take for granted. While we deemed 2022 “The Year of You,” I want every one of you to know that I believe that is the case every year. Every success starts with you because of your passion and pride. Thank you.

我由衷地感谢你们所有人的辛勤工作和奉献，我从未将之视为理所当然。虽然我们将 2022 年称为“属于你们的一年”，但我希望你们每个人都知道，我认为每一年都是如此。每一次成功都源于你们的热情与自豪。谢谢你们。

In addition, thanks to our partners, agents, and, most importantly, our customers who we are so privileged to serve.

此外，感谢我们的合作伙伴、代理商，以及最重要的是，我们有幸为之服务的客户。

Stay well and be kind to others,

保持健康并善待他人，